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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | July 17, 2013 - 2:54 pm

A daily summary of high-profile members of several complexes…[pay] View a more detailed discussion of each at the end of today’s Market Wrap.

Today’s Highlight Gold’s “ineffectual optimism” Tuesday doomed Wednesday’s probe of fresh highs. The reaction down was very destructive.

Dollar Basket Sep Contract (DX, ETF: (UUP, UDN))
Wednesday’s choppy ranging around unchanged ultimately ended flat, still needing to recover 83.00 and 83.33 to signal momentum reversing up.

Eurodollar Sep Contract (EC, ETF: (FXE))
Tuesday’s attack on last week’s Bernanke reaction was cut short Wednesday by this week’s Bernanke reaction. Wednesday’s initial drop was recovered to probe temporarily above 1.3145 resistance up to 1.3165. Unless resistance were probed again Thursday, a slide back down to 1.3020 should be underway.

Gold Aug Contract (GC, ETF: (GLD))
Wednesday’s gap down to test 1285.00 was saved momentarily in reaction to Bernanke’s un-embargoed remarks, which triggered a surge to fresh highs attacking 1300.00. But the open’s gap down was revisited and broken before the morning ended. The resulting Pivot Reversal setup also tested 1271.00, which should not have been revisited unless momentum were reversing down.

Silver Sep Contract (SI, ETF: (SLV))
Wednesday’s probes above 20.00 were reversed back down to 19.55 and lower at an accelerated pace to test 19.25. Its break would target 18.88 and fresh lows.

30-year Treasury Sep Contract (US, ETF: (TLT))
The reaction to Bernanke’s remarks extended this week’s bounce to fully test its 135-16 resistance, which held after being probed intraday up to 135-28. Filling the gap back down to 132-24 should be in-play so long as 135-16 isn’t recovered.

Crude Oil Aug Contract (CL, ETF: (USO))
Tuesday’s failed probe above 106.35 did not extend down Wednesday, as the session only ranged narrowly sideways.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Wednesday’s gap down fell a little further to attack the upper-end of 3.55-3.60 support, but selling pressure was too weak to dig deeper. The gap was left outstanding ahead of Thursday’s EIA report, which would be an appropriate catalyst to launch a rally above 3.73.

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Posted in Daily Spot